How to Build Loan Disbursement, Interest, and Repayments with Blnk

When build a lending product, the one mistake no developer wants to make is letting customers access more credit than they are allowed to access. If this happens, the company could lose millions of dollars with no clear way to recover it back from customers. For younger startups, this “fraud event” could mark the end for them. In most cases, issues like these happen because of how their ledger is designed. In this article, you’ll learn how to avoid this mistake using the Blnk Ledger. We’ll use Lumen Credit, a loan app that allows customers borrow money and repay at a later date plus interest. Let’s dive in! Step 1: Setting up your ledger Since we’re using Blnk, make sure you have a deployed Blnk instance. If you don’t have one, we wrote a guide here on how to get started. Before we start working with the ledger, let’s review Lumen Credit’s features. For each signed up customer, we want to: Disburse a loan when requested Charge interest on the amoun